As published onÂ theledger.comÂ
Halifax Media Group, Owner of The Ledger, Acquired by New Media Investment Group
LEDGER STAFF REPORT
Published: Thursday, November 20, 2014 at 4:59 p.m. Â Â Last Modified: Thursday, November 20, 2014 at 4:59 p.m.
Halifax Media Group, owner of The Ledger and 35 other newspapers and affiliated web sites, has agreed to be acquired by New Media Investment Group Inc.
Â New Media, a publicly traded company, said it will pay $280 million in cash for Halifax, subject to adjustments. The deal is anticipated to close in the first quarter of 2015.Â
Â â€œThis is a very exciting day for our company,â€ Michael E. Reed, New Media’s president and CEO, said in announcing the acquisition today. â€œHalifax Media is one of the premier, locally oriented media companies in the United States.â€
Â Michael Redding, who as CEO rapidly built Halifax over the past four years, said, â€œBy combining New Media’s geographic footprint with Halifax Media’s Southeast reach it will be a powerhouse in the industry.â€
Halifax newspapers, including 24 dailies primarily in the Southeast, have total daily circulation of approximately 635,000 and 752,000 on Sundays. Combined digital traffic amounts to more than 80 million page views a month. The company has nearly 3,000 employees.Â
New Media is one of the largest publishers of locally based print and online media in the U.S with 450 community publications and over 370 related web sites. New Media has been actively acquiring newspapers, having spent approximately $430 million on local media assets in little over one year, including the Halifax deal. Last year, it added the Dow Jones Local Media Group of eight dailies and 15 weeklies to its lineup and acquired the Providence Journal earlier this year.
â€œHalifax’s publications are all well-established, leading providers of local news in the communities they serve,â€ said New Media’s Reed. â€œAdditionally, the acquisition further diversifies New Media’s business from both a geographic and customer standpoint. These markets also present a tremendous opportunity for New Media to expand its digital businesses, Propel and BestRide, as these markets expand our footprint of small and mid-size businesses we will be able to reach.â€
Read the full story at theledger.com.